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There are two opinions... yes it works if done right... and Don't do it because you can seriously damage your wall. You pays your money and you takes your chances. Personally... I am with the "it ain't worth the risk" group. But others have had good results if done carefully and correctly.

I may be slow... But I sure am gimpy.

"Bless you child, when you set out to thread a needle don't hold the thread still and fetch the needle up to it; hold the needle still and poke the thread at it; that's the way a woman most always does, but a man always does t'other way."
Mrs. Loftus to Huck Finn

In this video: http://www.youtube.com/watch?v=fGUDzJiW_7Q, the author states that the angle of the eye bolt is integral to the structural integrity of the set-up.
Perhaps that (hammock being too taught. Putting all the pressure on the treads of screw, being pulled horizontally) is what went wrong for others?

Eye bolts are designed for in-line loading where the threads take the force. Like I said before... you pays your money and you takes your chances. For me... it's not worth it. Others have been successful.

I may be slow... But I sure am gimpy.

"Bless you child, when you set out to thread a needle don't hold the thread still and fetch the needle up to it; hold the needle still and poke the thread at it; that's the way a woman most always does, but a man always does t'other way."
Mrs. Loftus to Huck Finn

eyebolts or padeyes in studs

I'm planning to use eye bolts or padeyes. At first I was going to just use a hammock outside for naps, then saw that people actually use them in their houses for sleeping! Viola!! However then I discovered about all the walls being pulled out, and the necessity of putting up extra 2x4's across studs, and/or extra floor to ceiling beams. That freaked me out a bit, and so I was planning to use one of those options.

However I think the pressure on the walls greatly depends on one's weight, and also the angle of attachment of the hammock. I have a 6' tall steel pole in the back that is set in concrete in the ground. I can grab the top of the pole, and very easily bend it back and forth a few inches at the top. However if I hang at the top and try to pull directly downward to the ground, the pole doesn't budge, because it's not possible for me to push the pole downward into the concrete in the ground, nor to bend it by pulling downward in that direction. It is the same for the studs in the walls. They are much stronger in their vertical positions.

With a Mayan or Brazilian hammock as I'm planning to get, the force is almost directly downward, where the studs are the strongest, and I'm about 150 lbs. So I've decided to go ahead and use eyebolts or padeyes and straps, set right in the centers and near the tops of the studs. Those eyebolts in the video (msg #3) appear to only go about an inch in the wood. I think it's better that after the holes are predrilled, they go at least two inches into the wood, not including the sheetrock.